Godavari Drugs: Multiple Promoters Acquire Warrants Through Preferential Allotment

Godavari Drugs Limited's Board of Directors convened on March 18, 2026, to approve significant capital raising initiatives through the allotment of convertible warrants and equity shares on preferential basis. The meeting, held at the company's registered office, concluded key decisions that strengthen the pharmaceutical company's capital structure.

Convertible Warrants Allotment

The board approved the allotment of 23,60,065 convertible warrants at a warrant issue price of Rs.89/- each, aggregating to Rs.21,00,45,785/-. These warrants were issued exclusively to promoters on preferential basis, following the in-principle approval granted by BSE Limited.

Parameter: Details Total Warrants: 23,60,065 Issue Price: Rs.89/- each Total Value: Rs.21,00,45,785/- Subscription Amount Received: Rs.5,25,11,446.25/- Subscription Percentage: 25% of warrant issue price

The company has already received 25% of the warrant issue price, totaling Rs.5,25,11,446.25/-, representing the warrant subscription price. The warrants were distributed among nine promoter entities, with Mohit Jaju receiving the largest allocation of 4,00,065 warrants, followed by Mukund Kakani with 4,69,000 warrants and Sushma Kakani with 4,23,000 warrants.

Equity Shares Allotment

Simultaneously, the board approved the allotment of 25,96,935 equity shares of face value Rs.10/- each at an issue price of Rs.89/- per share. The shares carry a premium of Rs.79/- per share, with the total allotment value reaching Rs.23,11,27,215/-.

Parameter: Details Total Equity Shares: 25,96,935 Face Value: Rs.10/- each Issue Price: Rs.89/- per share Premium: Rs.79/- per share Total Value: Rs.23,11,27,215/-

The equity shares were allocated to both promoters and non-promoters, with the majority going to public category investors. Notable allocations include Suryatej Advisors LLP and Sachin Kasera, each receiving 2,24,725 shares, while Satya Foundation also received an identical allocation.

Regulatory Disclosures by Promoters

Following the warrant allotment, multiple promoters filed disclosures under Regulation 29(2) of SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011, on March 20, 2026. Mukund Kakani disclosed his acquisition of 4,69,000 convertible warrants, Ileshir Jaju disclosed his acquisition of 2,00,000 convertible warrants, Sushma Kakani disclosed her acquisition of 4,23,000 convertible warrants, and Aksheit Kakani disclosed his acquisition of 1,50,000 convertible warrants through the preferential allotment process.

Mukund Kakani's Holdings

Holding Details: Before Acquisition After Acquisition Equity Shares: 3,50,000 (4.65%) 3,50,000 (3.46%) Convertible Warrants: Nil 4,69,000 Total Securities: 3,50,000 8,19,000 Diluted Shareholding: 4.65% 6.56%

Ileshir Jaju's Holdings

Holding Details: Before Acquisition After Acquisition Equity Shares: Nil Nil Convertible Warrants: Nil 2,00,000 Total Securities: Nil 2,00,000 Diluted Shareholding: Nil 1.60%

Sushma Kakani's Holdings

Holding Details: Before Acquisition After Acquisition Equity Shares: 11,55,000 (15.34%) 11,55,000 (11.40%) Convertible Warrants: Nil 4,23,000 Total Securities: 11,55,000 15,78,000 Diluted Shareholding: 15.34% 12.64%

Aksheit Kakani's Holdings

Holding Details: Before Acquisition After Acquisition Equity Shares: 3,26,000 (4.33%) 3,26,000 (3.22%) Convertible Warrants: Nil 1,50,000 Total Securities: 3,26,000 4,76,000 Diluted Shareholding: 4.33% 3.81%

The acquisitions increased the promoters' total holdings, with Mukund Kakani's diluted shareholding reaching 6.56%, Ileshir Jaju's reaching 1.60%, Sushma Kakani's reaching 12.64%, and Aksheit Kakani's reaching 3.81% of the company's diluted share capital of 1,24,87,500 shares.

Capital Structure Impact

Both allotments were executed pursuant to the in-principle approval granted by BSE Limited through Letter Reference No. LOD/PREF/PB/FIP/1795/2025-26 dated March 4, 2026. The preferential allotment process demonstrates the company's adherence to regulatory requirements and transparent capital raising practices.

The successful completion of these allotments positions Godavari Drugs Limited for enhanced financial flexibility and growth opportunities in the pharmaceutical sector. The regulatory disclosures by multiple promoters ensure compliance with SEBI takeover regulations and maintain transparency in substantial acquisition reporting.

Godavari Drugs Limited successfully concluded its 1st Extra-Ordinary General Meeting (EGM) for FY 2025-26 on February 12, 2026, with shareholders demonstrating strong support for the company's capital raising initiatives. The meeting, conducted through video conferencing in compliance with regulatory guidelines, saw overwhelming approval for two critical special resolutions.

Meeting Overview and Participation

The EGM commenced at 11:00 AM (IST) and concluded at 11:30 AM (IST), including additional time for e-voting. A total of 46 members attended the meeting through video conferencing, ensuring adequate quorum for the proceedings.

Parameter: Details Meeting Date: February 12, 2026 Duration: 11:00 AM to 11:30 AM (IST) Mode: Video Conferencing Total Attendees: 46 members Record Date: February 05, 2026

Board and Key Personnel Attendance

The meeting was chaired by Mr. Ghanshyam Jaju, Chairman and Non-Executive Director. All directors and key management personnel participated through video conferencing, demonstrating comprehensive leadership engagement.

Name: Designation Mr. Ghanshyam Jaju: Chairman and Non-Executive Director Mr. Mukund Kakani: Managing Director Mr. Mohit Jaju: Whole-time Director & CFO Mr. Mahendra Uday Bhalerao: Independent Director Mrs. Shilpa Bung: Independent Director Mr. Dinesh Udpa: Independent Director Mr. Venkatesh Achanta: Company Secretary and Compliance Officer

Resolutions and Voting Results

Shareholders considered two special resolutions, both receiving exceptional support with 99.9998% votes in favor. The voting process combined remote e-voting (conducted from February 09-11, 2026) and insta-poll facilities during the meeting.

Resolution 1: Equity Shares on Preferential Basis

Voting Category: Shares Held Votes Polled % Polled Votes in Favor % in Favor Promoter and Promoter Group: 3961731 3951000 99.7291% 3951000 100% Public-Institutions: 37500 0 0% 0 0% Public-Non Institutions: 3531269 409729 11.6029% 409720 99.9978% Total: 7530500 4360729 57.9076% 4360720 99.9998%

Resolution 2: Convertible Warrants on Preferential Basis

The second resolution regarding convertible warrants issuance to promoters achieved identical voting results, with 4360720 votes in favor out of 4360729 total votes polled, representing 99.9998% approval.

Scrutinizer Oversight and Compliance

Mrs. Vidya Harkut from VSS & Associates, a practicing Company Secretary (Membership No. 7086), served as the appointed scrutinizer. She was responsible for supervising both the remote e-voting process and the electronic voting system during the meeting, ensuring compliance with Section 108 of the Companies Act, 2013 and SEBI regulations.

The scrutinizer confirmed that all voting procedures were conducted in accordance with regulatory requirements, with proper safeguards for electronic voting and comprehensive documentation of the process. The voting rights were determined based on the record date of February 05, 2026, with 7416 total shareholders on record.

Regulatory Compliance and Documentation

The company fulfilled all regulatory obligations under Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The meeting proceedings, voting results, and scrutinizer's report were properly documented and submitted to BSE Limited within the prescribed timeframe.

The successful completion of the EGM with overwhelming shareholder support positions Godavari Drugs Limited to proceed with its planned capital raising initiatives through preferential equity shares and convertible warrants issuance.

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